Set as Homepage |  |
Media Pack | Tuesday February 9 , 2010 |
|
 |
| News | Events | Dubai Guide | Business Directory | Restaurants | Real Estate | Stock Markets | Book Hotels | Newspapers | Videos | Articles |
Badr Al Islami Wins Sukuk Deal of the Year 2008
|
 RELATED NEWS |
Badr Al-Islami, the Islamic Banking Division of Mashreq, won the ‘Sukuk Deal of the Year 2008’ award from the prestigious Islamic Finance News Awards, for being the Joint Lead Manager and Bookrunner in the AED 1.1 Billion Tamweel Sukuk.
The Awards were given at the annual awards ceremony of Islamic Finance News in Grand Hyatt, Dubai on the 3rd of March 2009 to Badr Al Islami, Dubai Islamic Bank, and Standard Chartered Bank as Joint Lead Managers and Bookrunners.
Mubashar Khokhar, CEO, Badr Al Islami, said: “Tamweel’s Sukuk was an innovative structure which the Joint Lead Managers and Bookrunners were able to bring forth, and would pave the way for similar issuers to use such an innovative structure. We are very proud of this international award that recognizes the efforts of the experienced team behind the Sukuk in Badr Al Islami, especially that this was Badr Al Islami’s first Sukuk as Joint Lead Manager & Bookrunner”.
Publisher of Islamic Finance News, Andrew Morgan noted that: “The Sukuk deal of the Year was a hotly contested category with more contestants than ever. The Tamweel Sukuk deal was rated “A3” by Moody’s Investor services and “A” by Fitch ratings, and pools Ijarah and Istisna transactions to generate a yield of EIBOR plus 225. The deal was closed in July 2008 at the height of the market meltdown. The five-year deal matures in 2013 and was over-subscribed”.
Mr. Moinuddin Malim, Head of Corporate & Investment Banking in Badr Al Islami said, “Tamweel required a Sukuk Structure which would enable them to use the proceeds for their General Corporate Purposes. The Investment Sukuk structure was used for the first time in the UAE. The Portfolio Assets comprised of the Original Leased Assets and the Original Istisna Assets in addition to any asset replacing the Portfolio Assets, including Sharia Compliant Income Generating Assets. Therefore, the innovative Investment Sukuk structure gave full flexibility to Tamweel for raising financing for General Corporate Purposes.”
The Awards were given at the annual awards ceremony of Islamic Finance News in Grand Hyatt, Dubai on the 3rd of March 2009 to Badr Al Islami, Dubai Islamic Bank, and Standard Chartered Bank as Joint Lead Managers and Bookrunners.
Mubashar Khokhar, CEO, Badr Al Islami, said: “Tamweel’s Sukuk was an innovative structure which the Joint Lead Managers and Bookrunners were able to bring forth, and would pave the way for similar issuers to use such an innovative structure. We are very proud of this international award that recognizes the efforts of the experienced team behind the Sukuk in Badr Al Islami, especially that this was Badr Al Islami’s first Sukuk as Joint Lead Manager & Bookrunner”.
Publisher of Islamic Finance News, Andrew Morgan noted that: “The Sukuk deal of the Year was a hotly contested category with more contestants than ever. The Tamweel Sukuk deal was rated “A3” by Moody’s Investor services and “A” by Fitch ratings, and pools Ijarah and Istisna transactions to generate a yield of EIBOR plus 225. The deal was closed in July 2008 at the height of the market meltdown. The five-year deal matures in 2013 and was over-subscribed”.
Mr. Moinuddin Malim, Head of Corporate & Investment Banking in Badr Al Islami said, “Tamweel required a Sukuk Structure which would enable them to use the proceeds for their General Corporate Purposes. The Investment Sukuk structure was used for the first time in the UAE. The Portfolio Assets comprised of the Original Leased Assets and the Original Istisna Assets in addition to any asset replacing the Portfolio Assets, including Sharia Compliant Income Generating Assets. Therefore, the innovative Investment Sukuk structure gave full flexibility to Tamweel for raising financing for General Corporate Purposes.”
Comments
There are no comments posted yet.
Add your own comment:
All posts are sent to the administrator for review and are published only after approval. Eyeofdubai.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
MOST READ
 | MD Skincare Hydra-Pure Collection a gift for Valentines Day 4 February 2010 |
| | DESIGN YOUR BESPOKE WEDDING AT THE BRIDE SHOW ABU DHABI 4 February 2010 |
| | Vantis plc: Stanford International Bank Ltd in Liquidation (SIB) Update 6 February 2010 |
| | Acclaimed recording artiste Sting to perform live at Dubai Racing Carnival on 4th March 5 February 2010 |
| | Industry experts to convene at the 6th Middle East Forex Trading Expo & Conference 8 February 2010 |
LATEST IN BUSINESS & MONEY
| | Iyad Kamal takes over as Chief Operations Officer of Aramex |
| | Dubai Chamber holds talks with heads of business groups, councils |
| | Jumbo Electronics Invests AED3m during Dubai Shopping Festival 2010 |
| | DED and AHK organize business networking meeting to enhance cooperation |
| | Your Gateway to the Middle Easts Aluminium Market |
| Eyeofdubai.com sponsored by : | |
|
|
©2001-2010
Fourth Dimension Terms
of Use | Privacy Policy | Advertise with us
| Contact
Us
| Our sponsors
| Media Pack | Photo Gallery | Careers
| Add Press Release; Events; Company Listing | | | |
 |
Become a fan on Facebook |  |
Follow us on Twitter |
| Awards Won by Eyeofdubai.com | |||
|
UAE WEB AWARDS - 2009 - Best Website of the year, Best Directory & Info Services website, Best Arabic Content Website
UAE WEB AWARDS - 2007 - Best Website of the year, Gold award for Best Travel & Tourism website, Gold award for Directories and Info Services PAN ARAB WEB AWARDS - 2007 - Best Strategic website for Travel & Tourism, International Standards web technology award, Gold award for Best Travel & Tourism website UAE WEB AWARDS - 2006 - Best strategic Travel & Tourism website |
|||